Arlington Partners LLC Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Arlington Partners LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,682 shares of the software company's stock after purchasing an additional 740 shares during the quarter. Arlington Partners LLC's holdings in Adobe were worth $3,330,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Garde Capital Inc. bought a new position in shares of Adobe in the 1st quarter worth about $34,000. Arizona State Retirement System increased its stake in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new position in Adobe during the fourth quarter worth $1,173,000. Sound Income Strategies LLC raised its position in shares of Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock worth $118,000 after purchasing an additional 46 shares during the period. Finally, Horan Capital Advisors LLC. increased its position in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after acquiring an additional 114 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 0.7%

Shares of ADBE traded down $2.60 during mid-day trading on Thursday, reaching $384.95. The company's stock had a trading volume of 3,136,776 shares, compared to its average volume of 3,404,659. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $164.07 billion, a PE ratio of 24.63, a P/E/G ratio of 1.84 and a beta of 1.55. The company's fifty day moving average price is $391.76 and its two-hundred day moving average price is $413.89. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, Jefferies Financial Group dropped their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average target price of $496.75.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.